i-forex weekly report 23-07-2018 by epic research

23 Jul – 27 Jul 2018 WEEKLY INTERNATIONAL FOREX

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WEEKLY INTERNATIONAL FOREX INTERNATIONAL CURRENCY BUZZ Forex - Dollar on Track for Weekly Drop as Trump Blasts Fed Policy Forex - GBP/USD spikes to fresh session tops, 1.31 mark back on sight Forex - EUR/USD surges through 1.1700 handle on Trump’s comments GBP/USD

The GBP/USD pair reversed a dip to sub-1.3000 level and spiked to fresh session tops around the 1.3080-85 region in the last hour. The pair built on its overnight rebound from 10-month lows and caught some bids since the early European session, snapping three consecutive days of losing streak. The latest leg of a spike over the past hour or so could be attributed to the US President Donald Trump's comments, via Twitter, expressing displeasure over the Fed's monetary policy tightening. Despite a goodish rebound, the pair still seems on track to end in red for the second consecutive week as investors now look forward to the EU’s chief negotiator, Michel Barnier's upcoming meeting with the new Brexit secretary Dominic Raab on Thursday.

EUR/USD The EUR/USD pair finally broke out of its European session consolidation phase and surged through the 1.1700 handle in the last hour. Adding to his overnight comments, the US PresidentDonald Trump further criticized the Fed's monetary policy tightening and exerted some additional downward pressure on already weakening US Dollar.

The latest leg of a sharp upsurge of around 50-60 pips over the past hour or so could also be attributed to St. Louis Fed President James Bullard's dovish comments, saying that the Fed should hold off on hiking further. Meanwhile, possibilities of some short-term trading stops being triggered, on a move beyond 100-hour SMA, could also be one of the factors contributing to the pair's strong bid tone. With today's strong up-move, the pair has now recovered around 140-pips from near three-week lows set in the previous session and turned higher for the week, albeit remains below weekly tops touched at the beginning of this week

WEEKLY INTERNATIONAL FOREX WEEKLY ECONOMIC DATA

WEEKLY INTERNATIONAL FOREX EPIC'S ANALYST SPEAKS

GBP/USD Daily Chart

INTRADAY OUTLOOK Support: 1.2973 Resistance: 1.3495 RECOMMENDATION: BUY GBPUSD ABOVE 1.3180 TGT 1.3260 1.3360 SL 1.3100 SELL GBPUSD BELOW 1.3080 TGT 1.3000 1.2900 SL 1.3230

WEEKLY INTERNATIONAL FOREX EPIC'S ANALYST SPEAKS

EUR/USD Daily Chart

INTRADAY OUTLOOK Support: 1.1717 Resistance: 1.1735

RECOMMENDATION: BUY EURUSD ABOVE 1.1750 TGT 1.1820 1.1950 SL 1.1670 SELL EURUSD BELOW 1.1640 TGT 1.1570 1.1470 SL 1.1690

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